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EUR/GBP extends the drop to 0.7750

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The single currency is losing further ground on Wednesday, now dragging EUR/GBP to test fresh lows in the mid-0.7700s.

    EUR/GBP lower on EUR

    The Euro and the sterling are running in opposite directions today, collaborating with the steep decline in the European cross, which continues to drop after testing fresh 1-year highs in the mid-0.7800 in overnight trading.

    Poor results from the UK’s Industrial and Manufacturing Production prompted an ephemeral knee jerk in GBP, although it has managed to extend the upbeat momentum soon afterwards.

    EUR/GBP key levels

    The European cross is now losing 0.71% at 0.7754 with the immediate support at 0.7659 (low Feb.8) ahead of 0.7648 (20-day sma) and finally 0.7592 (2-month uptrend). On the other hand, a surpass of 0.7875 (high Jan.6 2015) would expose 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014).
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